SnapShot 210

Bumper trading volumes on CEXs, ETH tops $2,800, and a new stablecoin player

Hello SnapShotters,

This week, ETH notched a new one-month high of $2,820, bolstered by sustained institutional inflows into spot ETH exchange-traded funds (ETFs), and the prospect of a staking-enabled version — a verdict from the U.S. Securities and Exchange Commission (SEC) is expected in October. 

Altcoins followed with modest gains, but largely played second fiddle to ETH’s resurgence, while Bitcoin made another attempt at reclaiming its all-time high of $112,000. The latest U.S. inflation data came in softer than expected, while Washington and Beijing reached a compromise to roll back tariffs to February levels.

Also in the past week, spot Bitcoin ETFs saw $132 million in net outflows — their second consecutive week in the red — while spot ETH ETFs notched $281 million in net inflows, extending their positive streak to 15 days.

However, on Friday, a wave of risk aversion jolted the markets as geopolitical conflicts have heated up in the Middle East. BTC fell to a low of $103,000, and ETH saw its past week of gains erased. 

Let’s dissect all the other big stories in the crypto world.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

💎 Ethereum Foundation Cuts Spend, Backs DeFi
The Ethereum Foundation unveiled a new treasury strategy to slash annual spending from 15% to 5% by 2030, while using ETH reserves to support DeFi. ETH will be sold only if cash falls below a 2.5-year runway buffer.

📊 XRP Joins Nasdaq Crypto Index
XRP has been added to Nasdaq’s Crypto U.S. Settlement Price Index, signaling growing institutional traction. Though ETFs tracking the index still can’t hold XRP, the move paves the way for broader inclusion pending SEC approval.

🧪 Plasma Pulls in $500M

Stablecoin start-up Plasma raised $500 million in an oversubscribed XPL token sale, 10 times more than its planned target. The EVM-compatible Bitcoin sidechain aims to bring zero-fee USDT transactions and stablecoin utility to BTC.

🛡️ SEC Mulls ‘Innovation Exemption’ for DeFi

SEC Chair Paul Atkins is exploring exemptions to ease rules for DeFi platforms, marking a pivot from enforcement-heavy policies to more developer-friendly guidance as the agency shifts toward tailored rulemaking.

🟣 Pump.fun Plots $1B Raise

Solana meme coin platform pump.fun is reportedly eyeing a $1 billion token sale at a $4 billion valuation. The potential initial coin offering (ICO) was credited for reversing the meme coin giant’s slowdown in recent months.

What’s Ahead

🇯🇵 June 16 and 17: Bank of Japan’s Monetary Policy Meeting 

The BoJ is expected to make a decision on interest rates, as keen industry watchers await to see if it pivots to quantitative easing and how risk assets like crypto and equities would react

Number of the Week

Chart of the Week

From May 2024 to April 2025, total trading volumes across centralized exchanges (CEXs) topped $80 trillion, with derivatives accounting for the lion’s share. Monthly activity peaked in December 2024 at over $11 trillion. 

Despite a pullback, derivatives volume remains resilient, signaling sustained institutional interest and market sensitivity to macro and ETF-driven flows.

Research & Insights

Monthly Feature Article | Alpha Navigator (May 2025)

The latest edition of the Alpha Navigator charts May’s bullish momentum, marked by Ethereum’s Pectra upgrade and Bitcoin’s new all-time high of almost $112,000. Surging ETF inflows and cooling trade tensions have helped crypto outperform other asset classes, and macroeconomic shifts, from the U.S. credit downgrade to synchronized rate cuts across Asia, have had ripple effects on Layer-1s, DeFi, and stablecoins. 

Where could the smart money head to next?

Read the full report here.

Crypto Trivia

Which stablecoin was originally launched under the name ‘Realcoin’ before rebranding to something more enduring?

A) DAI
B) USDT
C) USDC

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

Step into the IshinVerse, “a distant feudal realm where humanoid rabbits — known as the Ishin Revengers — dominate a world of mystery, honor, and peril” in the latest NFT collection by Project Ishin. Dropping on Wednesday, June 18, ‘Ishin Revengers Phase 2’ features “fearless warriors” who “have broken through dimensions, arriving in our world in a two-phase saga. With danger and darkness shadowing their path, they must adapt to this strange new reality — and you can be part of their journey.”

Driven by the “enchanting spirit of our cherished mascot, Flaky the rabbit, and infused with the dynamic artistry of anime, Project Ishin transcends boundaries to pioneer a new era in storytelling. Embracing both the digital realm of Web3 and the tangible landscape of the physical world, Project Ishin is a visionary endeavor.”

In IshinVerse, “legends are forged, and aspirations thrive amidst the ever-shifting tides of innovation. Join us as we redefine the narrative landscape, where every endeavor heralds a new chapter in the saga of boundless creativity.”

Owning an Ishin Revenger NFT “opens the door to unique utilities, special features, and rare perks only available to holders.” Don’t miss your chance to “claim a piece of this epic anime universe.”

The journey begins now. Be part of the legend.

Product Updates

It’s Here — Introducing the Crypto.com Visa Signature^® Credit Card

Our first credit card, and boldest offering to date, includes five tiers for you to choose from with uncapped rewards¹ on every purchase when you use your card. Plus, enjoy all the benefits that come with Level Up⁶. Learn more.

Now Available on DeFi Lending: Kamino USDC and SOL Pools

Kamino USDC (USDC) and Solana (SOL) are now available for DeFi Lending in the Crypto.com App and on the Crypto.com Exchange, providing more ways for you to put your idle assets to work. Simply supply USDC or SOL on Kamino to enjoy yield. Try it now.

Predict the Winner of the Upcoming Grand Prix

The Canadian Grand Prix is starting soon, and you can potentially profit from making correct predictions with Crypto.com Sports! Simply select a potential outcome of a sports event to trade, with the option to change your prediction anytime before the event begins. Trade now.

The CROLION Crypto Basket Is Now Available

Easily gain exposure to CRO and LION, the utility token of our flagship Web3 project, Loaded Lions. You can automatically buy low and sell high by enabling auto-rebalancing and track your basket performance separately from your other holdings. Try it now.

New Token

Kamino (KMNO)

Kamino is a Solana DeFi protocol that integrates lending, liquidity provision, and leverage. Users are able to borrow and lend assets, tap into auto-compounding liquidity strategies, and utilize concentrated liquidity positions as collateral. 

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

A Beginner’s Guide to Decentralized Identity

Powered by blockchain and cryptography, decentralized identity lets individuals create, own, and control their digital identities without relying on governments, tech giants, or central databases. Users manage their credentials (like diplomas or IDs) securely in digital wallets and share only what’s needed using privacy tools like Zero-Knowledge (ZK) proofs.

Key benefits include:

Full user control: No central authority manages your identity.

Privacy: Share only what’s necessary, not your whole identity.

Security: Credentials are cryptographically secure and verifiable.

Portability: Use your identity across platforms, borders, and apps.

Inclusivity: Enables access even for those without traditional IDs.

As a core foundation of Web3, decentralized identity empowers users with ownership, enhanced security, and greater privacy in the digital age. 

Learn more in this University article.

CryptoIRL

As @croshouf says, “simple pleasures that hit just right” when you add mozzarella with pesto pasta and roasted tomatoes — and the Crypto.com Icy White Card. 😋

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Protect Yourself From Fake Airdrops

In 2024 and early 2025, airdrop scams around projects like Hamster Kombat and Wall Street Pepe have led to millions in losses and helped push global crypto scam damages to over $9.9 billion.

Watch out for common red flags:

• No announcement from official project channels

• Unsolicited DMs offering airdrops

• Suspicious or unofficial website links

• Requests for wallet seed phrases or private keys

• Poor grammar or unprofessional messaging

• Promises of large rewards with no strings attached

Remember, always verify directly with official sources before interacting or investing, and never share your seed phrase or private keys with anyone.

Crypto Trivia Answer

B) USDT

Tether debuted in October 2014 under the name ‘Realcoin’. Just a month later, its founders rebranded it as ‘Tether’ to reflect its mission of ‘tethering’ digital tokens to the U.S. dollar, bridging crypto markets with fiat liquidity.

That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.